Atletico boss Diego Simeone is looking for a replacement for Griezmann with Lacazette high on his wish list.
Arsenal are also desperate to hold on to Pierre-Emerick Aubameyang who has been linked with a move away from the Emirates.
The Gunners know they may have to sell in order to fund other deals though.
Unai Emery is said to have just £45million to spend with Crystal Palace winger Wilfried Zaha wanted.
Arsenal have already had a £40m bid rejected for the Ivory Coast international - an offer the Eagles reportedly felt insulted by.
Dean Saunders agrees with that sentiment and believes Zaha is worth far more.
Arsenal: Lacazette's agent attends Highbury House
Atletico Madrid want Alexandre Lacazette to replace Antoine Griezmann who is set for Barcelona (Image: GETTY)
“How can they throw in a £40m bid when Aaron Wan-Bissaka has just gone for £50m as a right-back?” Saunders said on talkSPORT.
“Outside the top six, Zaha is probably the best player in the Premier League.
“If you’re looking at Wan-Bissaka, £50m, Kyle Walker, £52m, [Benjamin] Mendy, £50m - full-backs. That’s the going rate for a full-back.
“Obviously he’s got to be valued at miles more than that as a winger come striker come number ten, wherever he wants to play.
“He goes past people for fun, he’s been playing great the last two years.
“I’m trying to value him in my head now, he’s probably got to be worth £100m.
Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Arsenal want to add Crystal Palace winger Wilfried Zaha to their ranks this summer (Image: GETTY)
“The only way they can [offer £40m] with confidence is if they’ve had a conversation with Wilfried Zaha and he’s said to them ‘I’m only going to Arsenal. Don’t worry, if Man United come in for me, if Man City come in for me, I’ll give you my word, I want to come and sign for you’.
“So they can offer whatever they want then, they can put that offer in thinking ‘well he’s coming to us’.
“Player-power now has got to the point where it’s total power to the players.
“Wilfried Zaha would probably threaten them to say ‘if you make me come back for pre-season, I can’t promise you I’m going to be the same player if you stop me going to Arsenal’. I’m not saying he’s said that.